Evernorth, one of the largest holders of XRP, said this week that daily transactions on the XRP Ledger have reached nearly 3 million — up from about 1 million in mid-2025. The jump is driven by a growing roster of active institutional players, including Bitstamp, Ripple’s RLUSD stablecoin, and Brazil’s Braza Bank. The numbers come as Evernorth CEO Asheesh Birla argues the network’s real long-term value isn’t tied to retail trading, but to banks and businesses using XRP as working capital.
Why usage is up, but price isn’t
Birla acknowledged the gap between surging usage and XRP’s relatively low price. He pinned it on macro pressure — higher interest rates, geopolitical tension, and broader market uncertainty. “The gap between high usage and low XRP price is due to macro pressure, geopolitical tension, and higher interest rates,” Birla said. In his view, the growth on XRP Ledger reflects real utility, even if markets haven’t priced it in yet.
Evernorth’s XRP strategy
Evernorth offers institutional exposure to XRP through its own stock, similar to how public companies hold Bitcoin. The firm holds over 473 million XRP and filed an S-4 with the SEC in March 2026 to expand those holdings. The filing aims to increase XRP exposure via institutional lending, liquidity provision, and decentralized finance activities on the XRP Ledger. Evernorth also plans to go public through a merger with Armada Acquisition Corp II.
Institutional backing and stablecoin move
Evernorth has raised more than $1 billion in total funding, with backing from Ripple, Kraken, Pantera Capital, and SBI Holdings. The firm also noted on Twitter that one of Europe’s largest banks has placed its euro stablecoin on the XRP Ledger. The development adds another layer of institutional maturity to the network, though the bank hasn’t been named publicly.
With a public listing in the works and more than half a billion dollars’ worth of XRP on its books, Evernorth is positioning itself as a direct bridge between traditional finance and the XRP ecosystem. Whether the market will eventually align price with usage is still an open question.
